HERNDON, VA–Harbor Group International has announced its affiliates have acquired One Dulles Tower for $226 million. The 13-story, 403,622 square foot asset is fully leased.
One Dulles Tower has gone through quite a metamorphosis in the last few years. Federal Capital Partners acquired it in late 2015 for $84 million. Corporate Office Property Trust was the seller in that transaction, having acquired it in 2003 for $71 million. The REIT had been trying to re-tenant it but was having difficulties, most likely because of the strict security procedures to access the building — the property had been fully leased to Booz Allen Hamilton but the security consultant vacated it in a planned move around the time of the purchase. The purchase was a significant one for FCP — it was its largest office deal in the region at that point in time.
FCP launched an $11 million repositioning and rebranding of the property in 2017 and by mid year had landed Amazon Web Services in a full-building lease.
“This is a Class A property with a top tier tenant in an irreplaceable location in the Dulles Technology Corridor,” said T. Richard Litton, Jr., president of HGI, in a prepared statement.
One Dulles Tower is located within the Woodland Park master planned development.
Bill Collins, Paul Collins, Drew Flood, Eric Berkman, and Shaun Weinberg of Cushman & Wakefield represented FCP in this transaction.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
